Great Southern's final sale 29 Apr, 2011 04:00 AM FERRIER Hodgson, the liquidator of Great Southern, has appointed Argonaut, based in WA, to sell the failed company's wood-lot interests across the country.
The sale of the managed investment schemes is one of the last major assets to go to auction following the collapse of the largest MIS player two years ago.
The hardwood estate is planted on about 73,000 hectares and represents MIS schemes run from 1998 to 2003.
Great Southern holds only a partial interest in the various schemes.
"In terms of asset realisations, this is it, but then there are investigations that need to be completed and then we wait until the end of the receivership to see if there is anything left for unsecured creditors," Andrew Saker of Ferrier Hodgson said.
The Great Southern interests are being offered through a deed of company arrangement or straight sale. Expressions of interest are due on Friday, while a deal is likely to be finalised by the end of May.
Industry sources said the most likely buyer of the MIS interests was Sydney-based timber investment company New Forests, which owns most of the land on which the schemes sit.
New Forests, along with its Canadian pension fund partner, snapped up nearly all the Great Southern land for $415 million in January from the receiver McGrathNicol.
Gunns took over as the manager of the plantations.
GTP Price at posting:
0.0¢ Sentiment: None Disclosure: Held
